In a political ad, Democratic Governor Jared Polis claimed he had abolished Social Security income taxes for seniors. Did he? Yes, for seniors.
COLORADO, USA – Several 9NEWS viewers wanted clarification about a claim in a political ad.
This is where the next question and truth tests come together.
Wendy, Bob in Aurora, and Colleen on the Weld County side of Erie all had a question about the first claim in the political ad paid for by Polis for the Colorado Governor Jared Polis (D) re-election commission.
ADVERTISING/CLAIM: “I’ve abolished Social Security income taxes for seniors…”
VERDICT: Yes, with the caveat, “for seniors.”
A 2021 bill signed by Polis allows people age 65 and older to deduct all of their Social Security income from their taxable income in Colorado above the previous limit of $24,000. However, people between the ages of 55 and 64 can deduct up to $20,000 in Social Security income from their state taxes.
ADVERTISING/CLAIM: “Reduce Taxes for Small Businesses…”
VERDICT: Yes, one of them.
Businesses are exempt from paying personal property taxes up to $50,000 on items such as furniture, equipment, machinery and signs. The limit prior to a 2021 bill that Polis signed was $7,900.
ADVERTISING/CLAIM: “Reduced Property Taxes for Every Homeowner.”
VERDICT: This is not yet verifiable. It predicts the future. And it’s not likely that your property taxes will be reduced. It’s likely that your property taxes won’t rise as much as it would have been without a bill passed by nearly every Democratic and Republican legislature and then signed by Polis in the past year.
We covered this confusing property tax issue in May.
Using the same example, you can illustrate what you can expect with your property tax assessment as follows.
For a home with an estimated value of $500,000, multiply that number by 6.95% to get the taxable value, which is then multiplied by the specific factory taxes (school district, city, county, fire, water, parks, etc.). ) in your province.
In that example, your taxable value of your home is $34,750.
Using the state’s mill tax average (this is an average, it varies depending on your address), multiply the $34,750 by 83,436 mills to calculate your property tax bill: $2,899.
In 2023, your $500,000 home will be reassessed.
Let’s say the county reassesses the value of your home to about $550,000 (it could be more or less). First, to counter the increase, the bill takes $15,000 off the top and makes it tax-free. Second, the assessment rate for residential properties drops to 6.765%. So the calculation to determine the taxable value of your property would look like this: $535,000 multiplied by 6.765%. The taxable value of that house is $36,192. That amount is then multiplied by the specific mill levies in your province. In this example, based on the average of 83,436 mills in the state, your property tax would be $3,019.
If the $15,000 were not deducted tax-free and the appraisal rate did not change, the calculation would be $550,000 multiplied by 6.95% for a taxable value of $38,225. When you multiply that amount by the 83,436 mills, your property taxes would be $3,189.
In either scenario, your property tax assessment would be higher than it is, but with legislation that has made a portion of your home value tax-free and lowered the home assessment rate, the property tax increase is not as high as it would be been without the new law.
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